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IFRS Acct exam questions & answers 2024/2025
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IFRS Acct exam questions & answers2024/2025
International Financial Reporting Standards (IFRS) - ANSWERSare a set of accounting standards
developed by the International Accounting Standards Board (IASB) that is becoming the global standard
for the preparation of public company financial statements
London - ANSWERSThe IASB is an independent accounting standard-setting body, based in __________.
120 - ANSWERSHow widespread is the adoption of IFRS around the world?
Approximately ______ nations and reporting jurisdictions permit or require IFRS for domestic listed
companies
same, comparisons - ANSWERSWhat are the advantages of converting to IFRS?
By adopting IFRS, a business can present its financial statements on the _____ basis as its foreign
competitors, making _______ easier.
quality, cost, benefits - ANSWERSWhat could be the disadvantages of converting to IFRS?
Despite a belief by some of the inevitability of the global acceptance of IFRS, others believe that U.S.
GAAP is the gold standard, and that a certain level of _________ will be lost with full acceptance of IFRS.
They may believe that the significant ___________ associated with adopting IFRS outweigh the
______________.
adoption, convergence - ANSWERS7. What is the difference between convergence and adoption?
_________________ would mean that the SEC sets a specific timetable when publicly listed companies
would be required to use IFRS as issued by the IASB. ____________________ means that the U.S.
Financial Accounting Standards Board (FASB) and the IASB would continue working together to develop
high quality, compatible accounting standards over time
the SEC - ANSWERSWho are the key players regarding the development and adoption of IFRS?
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